The graph above tells an interesting story (you can click it to enlarge it). It paints a picture of all the homes that are currently listed as well as the number sold in the last 30, 60 and 90 days in Phoenix. What is interesting is that you can see how the lower priced homes are “hot” right now. The green columns represent the number of active listings. If the red column (number of homes sold in the last 90 days) is higher than the green column for that price range it means that if no more homes come on the market in that range there is not enough inventory to last the next 90 days at this current level of activity. If the purple column (number of homes sold in the last 60 days) is higher than the green column then there isn’t enough inventory (if nothing new comes on the market) to last the next 60 days!
As we start looking at the $300,000+ prices we can see that there is a large gap between the number of homes currently listed and the number that have sold in the respective price range over the last 30, 60, 90 days. This implies that there is a larger inventory to compete with so homes have to be priced and marketed correctly. The larger the gap, the more competition and potentially slower market.
Here is our synopsis of key numbers in the market:
- The median home price that sold in Phoenix in March was $205,000. The average was $252,457
- 1,418 homes sold in Phoenix in March.
- Homes sat on the market for an average of 80.46 days.
| City/Zip | # of Sales | Avg Price/SqFt | Avg Sold Price | Avg List Price | Avg Days on Market | Ratio SP to LP |
| Paradise Valley | 38 | $316.90 | $1,541,033 | $1,658,234 | 139.87 | 92.93% |
| 85253 | 38 | $316.90 | $1,541,033 | $1,658,234 | 139.87 | 92.93% |
| Phoenix | 1418 | $127.31 | $252,457 | $260,235 | 80.46 | 97.01% |
| 85003 | 7 | $192.80 | $407,700 | $431,814 | 60.43 | 94.42% |
| 85006 | 28 | $144.56 | $171,674 | $178,107 | 71.18 | 96.39% |
| 85007 | 11 | $154.95 | $222,838 | $229,529 | 98.00 | 97.08% |
| 85008 | 15 | $130.48 | $167,559 | $171,257 | 60.20 | 97.84% |
| 85009 | 22 | $72.97 | $92,659 | $96,246 | 52.00 | 96.27% |
| 85012 | 8 | $206.23 | $411,811 | $427,088 | 58.00 | 96.42% |
| 85013 | 26 | $169.33 | $290,404 | $298,765 | 77.23 | 97.20% |
| 85014 | 23 | $157.44 | $253,370 | $263,967 | 78.30 | 95.99% |
| 85015 | 26 | $113.38 | $171,873 | $177,089 | 68.54 | 97.05% |
| 85016 | 42 | $219.94 | $493,157 | $520,216 | 74.48 | 94.80% |
| 85017 | 24 | $75.84 | $110,436 | $112,264 | 100.33 | 98.37% |
| 85018 | 45 | $242.47 | $731,373 | $771,236 | 184.00 | 94.83% |
| 85019 | 25 | $84.84 | $126,349 | $128,468 | 49.04 | 98.35% |
| 85020 | 32 | $135.75 | $236,999 | $241,734 | 84.53 | 98.04% |
| 85021 | 30 | $141.38 | $325,106 | $338,720 | 92.13 | 95.98% |
| 85022 | 58 | $134.54 | $274,192 | $280,915 | 80.53 | 97.61% |
| 85023 | 40 | $122.16 | $265,554 | $274,520 | 97.60 | 96.73% |
| 85024 | 42 | $142.21 | $257,776 | $263,157 | 80.60 | 97.96% |
| 85027 | 40 | $115.93 | $181,337 | $183,255 | 56.78 | 98.95% |
| 85028 | 39 | $171.81 | $393,026 | $413,269 | 104.87 | 95.10% |
| 85029 | 43 | $95.96 | $163,615 | $161,446 | 96.26 | 101.34% |
| 85031 | 31 | $69.16 | $102,094 | $105,081 | 49.55 | 97.16% |
| 85032 | 84 | $139.72 | $240,892 | $247,708 | 76.50 | 97.25% |
| 85033 | 39 | $79.12 | $114,423 | $115,875 | 70.69 | 98.75% |
| 85035 | 38 | $83.51 | $107,767 | $108,063 | 67.53 | 99.73% |
| 85037 | 58 | $86.68 | $132,653 | $134,228 | 52.09 | 98.83% |
| 85040 | 28 | $73.49 | $101,408 | $103,375 | 71.14 | 98.10% |
| 85041 | 56 | $86.60 | $166,199 | $171,645 | 83.09 | 96.83% |
| 85042 | 42 | $97.44 | $173,810 | $178,974 | 83.90 | 97.11% |
| 85043 | 39 | $86.50 | $147,139 | $148,802 | 62.74 | 98.88% |
| 85044 | 63 | $148.74 | $299,094 | $309,378 | 62.57 | 96.68% |
| 85045 | 11 | $146.22 | $357,872 | $366,390 | 87.27 | 97.68% |
| 85048 | 58 | $150.19 | $362,751 | $374,366 | 94.47 | 96.90% |
| 85050 | 50 | $159.73 | $335,095 | $343,032 | 77.24 | 97.69% |
| 85051 | 35 | $86.89 | $139,183 | $139,846 | 65.83 | 99.53% |
| 85053 | 28 | $104.43 | $172,221 | $175,541 | 62.54 | 98.11% |
| 85054 | 7 | $181.76 | $454,000 | $466,129 | 139.57 | 97.40% |
| 85083 | 37 | $123.33 | $299,566 | $307,657 | 83.51 | 97.37% |
| 85085 | 55 | $127.63 | $317,988 | $324,451 | 76.98 | 98.01% |
| 85086 | 33 | $136.84 | $351,038 | $359,683 | 121.39 | 97.60% |
| Scottsdale | 458 | $211.05 | $604,211 | $630,768 | 110.38 | 95.79% |
| 85250 | 23 | $189.59 | $380,649 | $391,248 | 82.13 | 97.29% |
| 85251 | 30 | $195.75 | $364,720 | $374,380 | 63.23 | 97.42% |
| 85254 | 72 | $177.34 | $418,253 | $430,246 | 99.67 | 97.21% |
| 85255 | 105 | $246.16 | $842,753 | $881,088 | 142.45 | 95.65% |
| 85257 | 47 | $156.01 | $256,469 | $263,299 | 84.11 | 97.41% |
| 85258 | 27 | $227.85 | $598,019 | $618,293 | 94.74 | 96.72% |
| 85259 | 35 | $210.12 | $644,513 | $665,494 | 106.06 | 96.85% |
| 85260 | 45 | $201.56 | $544,731 | $562,284 | 92.51 | 96.88% |
| 85262 | 50 | $242.52 | $909,027 | $981,426 | 158.92 | 92.62% |
| 85266 | 24 | $240.72 | $737,750 | $768,097 | 95.92 | 96.05% |
| Grand Total | 1914 | $151.12 | $362,211 | $376,655 | 88.80 | 96.17% |
*The data analyzed is from the Arizona Regional Multiple Listing Service (ARMLS) for Metro Phoenix, Arizona. The narrative synopsis above is speaking only to single family detached homes within the city of Phoenix, Arizona.
Joe Janus & James Plotnik, real estate agents and Realtors® specializing in the buying and selling of Distinctive Arizona Homes in Metro Phoenix, Scottsdale and Paradise Valley, Arizona.
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